Business
Endeavour Mining Reports Q4-2019 Preliminary Results and 2020 Guidance
HIGHLIGHTS Q4-2019 production of 178koz at an AISC of $820/oz, remaining fairly flat over Q3-2019 FY-2019 production of 651koz at an AISC of $813/oz, achieving
About this update from Endeavour Mining Plc
[{"type":"text","content":"HIGHLIGHTS Q4-2019 production of 178koz at an AISC of $820/oz, remaining fairly flat over Q3-2019 FY-2019 production of 651koz at an AISC of $813/oz, achieving guidance for the 7th consecutive year Following nearly four years of intensive growth-capital investment, Net Debt was reduced by $52m in Q3-2019 and by a further $77m in Q4-2019, marking a decrease of $129m in H2-2019 to reach $533m at year-end Strong growth expected in 2020 with production guidance of 680 – 740koz at an AISC of $845 – 895/oz Following the successful addition of 2.1Moz of Indicated resources in 2019, exploration will continue to be a strong focus in 2020 with a company-wide exploration program of $40 – 45m George Town, January 23, 2020 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its preliminary financial and operating results for the fourth quarter and full year 2019, with highlights provided in the table below. Table 1: Preliminary Operational Highlights (for continuing operations) QUARTER ENDED YEAR ENDED Dec. 31, Sep. 30, Dec. 31, Dec. 31, Dec. 31, Δ FY-19 2019 2019 2018 2019 2018 vs. FY-18 Gold Production, koz 178 181 174 651 612 +6% All-in Sustaining Cost1, $/oz ~820 803 707 ~813 744 +9% 1This is a non-GAAP measure. Sébastien de Montessus, President & CEO, commented: \"2019 was a pivotal year for the Company with the successful ramp-up of our Ity CIL project. Following four years of significant investment and the development of both Ity and Houndé, we are starting to see the strong cash flow generation capability of our operating assets. Net debt decreased by a further $77 million in the fourth quarter, nearly 50% more than the previous quarter, amounting to nearly $130 million in the second half of 2019. We believe the business is well positioned to significantly decrease its net debt in the coming year. Our portfolio is now underpinned by two flagship assets, giving the business greater flexibility in mine planning and generating predictable and sustainable cash flows. Our goal is to optimize the mine plans for Ity and Houndé to secure a combined annual production of at least half a million ounces for a minimum of 10 years, while continuing to proactively manage and optimize our broader portfolio of assets. We expect to see continued momentum across our business in 2020 with further pro...